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DORM Stock Price News: -11.07% Fall

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Dorman Products, Inc.(NASDAQ:DORM)’s stock price decreased by 12.33(April 26, Market Close) over the last closing price of 111.34. The closing price as of April 26 was 99.01, 11.07% lesser than the previous closing price. The day’s range was 98.26 – 108.00 and the volume was 496,172.

Dorman Products, Inc.(NASDAQ:DORM) is  a leading supplier in the automotive aftermarket industry. Dorman Products, Inc.(NASDAQ:DORM)’s stock price was high as 111.52 as of April 23. Since then, the price has been downwards sloping. The charts are all red.  Dorman Products, Inc.(NASDAQ:DORM)’s pre-market price however seems good. It currently  stands at 101.00  8:00AM EDT, April 27. 

Highlights:

  • Net sales of $288.0 million, up 12% as compared to $257.7 million in Q1 2020.
  • Diluted earnings per share (“EPS”) of $1.02 up 46% as compared to $0.70 in Q1 2020.
  • Adjusted diluted EPS* of $1.04, up 58% as compared to $0.66 in Q1 2020.
  • Dorman’s strong balance sheet and ample liquidity provide a solid foundation for growth.
  • For fiscal 2021, the Company expects net sales growth between 9%-12%, diluted EPS of between $4.32 and $4.52, and adjusted diluted EPS* of between $4.40 and $4.60.

First Quarter Financial Results

The Company reported first quarter 2021 net sales of $288.0 million, up 12% as compared to net sales of $257.7 million in the first quarter of 2020. Strong sales performance in the quarter was all organic and driven by robust customer demand.

Gross profit was $104.5 million in the first quarter of 2021, or 36.3% of net sales, compared to $84.8 million, or 32.9% of net sales for the same quarter last year. Adjusted gross margin* was 36.3% in the first quarter of 2021 compared to 33.0% in the same quarter last year. Gross margin expansion was driven by increased efficiencies as part of the Company’s ongoing efforts to streamline its end-to-end supply chain processes. Additionally, the Company benefitted from the absence of increased customer provisions that impacted gross margin in the prior year quarter. These benefits were partially offset by increased freight costs due to global transportation and logistics constraints.

Selling, general and administrative (“SG&A”) expenses were $62.9 million, or 21.8% of net sales, in the first quarter of 2021 compared to $59.7 million, or 23.2% of net sales, in the same quarter last year. Adjusted SG&A expenses* were $62.0 million, or 21.5% of net sales, in the first quarter of 2021 compared to $58.4 million, or 22.6% of net sales, in the same quarter last year. Approximately 170 basis points of the decrease in SG&A as a percentage of net sales was due to improved leverage from the $30 million increase in net sales in the first quarter of 2021 as compared to the first quarter of 2020. Additionally, Dorman drove increased operational efficiencies, which were partially offset by increased wage and benefit inflation as compared to the prior year quarter.

Income tax expense was $8.9 million in the first quarter of 2021, or 21.3% of income before income taxes, compared to $4.9 million, or 17.8% of income before income taxes, recorded in the same quarter last year.

Net income for the first quarter of 2021 was $32.7 million, or $1.02 per diluted share, compared to $22.8 million, or $0.70 per diluted share, in the prior year quarter. Adjusted net income* in the first quarter of 2021 was $33.4 million, or $1.04 per diluted share, compared to $21.3 million, or $0.66 per diluted share, in the prior year quarter.

Kevin Olsen, Dorman Products’ President and Chief Executive Officer, stated, “I am pleased to report a strong start to the fiscal year as we continue to execute on our strategic priorities. Our net sales performance was driven by robust demand, as we saw consistent order strength throughout the quarter. While we saw modest growth with ‘Do-It-For-Me’ focused customers, we saw particular strength with ‘Do-It-Yourself’ focused customers, consistent with trends across the automotive aftermarket. Our diversified supply chain and broad supplier network remain critical to delivering for our customers as pressures on the global supply network continue to cause logistical issues, including higher freight and material inflation costs. Despite those pressures, our focus on driving productivity across our operations continued to bear fruit, as we achieved significant year-over-year efficiency improvements, resulting in gross margin growth for the quarter. Finally, bringing new and innovative solutions to the automotive aftermarket remains a strategic priority for Dorman. Examples of some of the innovative solutions we recently launched during the first quarter include pre-pressed axles, blind spot detection modules, and cruise control distance sensors. We intend to continue to build on the strength of our new product development, including by capitalizing on the increased adoption of complex electronics in today’s vehicles, a key area of our innovation efforts this year.”

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